First electric BMW M3 confirmed as a quad-motor EV powerhouse
The BMW M3 sports sedan, the German automaker’s most iconic high-performance vehicle, is going electric. During a roundtable interview in Portugal this week, BMW’s product development chief, Frank Weber, confirmed the rumors.
After rumors have been spreading about an electric M3 for months, the speculation is turning out to be true.
Weber told auto reporters at the global launch of the BMW i5 that the first electric BMW M3 would arrive around 2027, according to Carsales.com.au. The high-performance EV is expected to ride on BMW’s next-gen Neue Klasse platform.
BMW revealed its “Vision Neue Klasse” earlier this month, giving us a glimpse into its high-tech, efficient future. The term is in reference to BMW’s small, sporty cars of the 1960s that helped shape the brand.
Weber confirmed that the Neue Klasse architecture “was designed for four independently operating electric machines [motors] up to one megawatt.”
The comments echo remarks made by BMW M CEO Frank Van Meel. During his visit to Australia, the performance brand leader highlighted the potential of a megawatt (1,000 kW) sports sedan based on the next-gen platform. A megawatt would translate to roughly 1,340 horsepower.
BMW to launch its first electric M3 sports sedan
According to Weber, “you can go crazy” with the new EV platform. He explained, “And then you have some settings where you can go deeper into something that is more and more rear-wheel drive biassed with the control possibilities that you have with electric machines.”
Earlier this year, BMW revealed its fastest, most powerful EV model in the i7 M70 xDrive electric sedan with up to 660 hp.
BMW has also teased a quad-motor i4 electric model. The i4 M50 is currently BMW’s top-selling M model, starting at $69,700 with a dual electric 536 hp drive system.
However, the performance brand looks to top it with its first electric BMW M3 model. “We want to come with something where we show Neue Klasse is already very ambitious,” Weber explained.
“But this is doing something far above what people are used to today. This will come with M3 and will not be too far away from the initial launch of the Neue Klass as a product line.”
Due out in 2025, the Neue Klasse platform will feature “30% more range, 20% faster charging, and a 25% overall improvement in vehicle efficiency.”
With M customers simply wanting “the highest and best performance,” according to Weber, an EV with almost one megawatt in performance will change your perspective:
I can guarantee to you there might be something wrong with the engine sound if they still miss this, but definitely not how the car behaves. It’s incredible.
BMW plans to launch the electric M3 shortly after the start of production of the Neue Klasse as “people want to have what M can do best also in the battery-electric world.”
Despite the enthusiasm around its first electric M3, BMW plans to keep the gas-powered version around a while longer.
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The Stripe logo on a smartphone with U.S. dollar banknotes in the background.
Budrul Chukrut | SOPA Images | LightRocket via Getty Images
Stripe cut 300 jobs, representing about 3.5% of its workforce, mostly in product, engineering and operations, CNBC has confirmed.
The payments company, valued at about $70 billion in the private markets, still expects to increase headcount by 10,000 by the end of the year, which would be a 17% increase, and is “not slowing down hiring,” according to a memo to staff from Chief People Office Rob McIntosh. Business Insider reported earlier on the cuts and the memo.
A Stripe spokesperson also confirmed to CNBC that a cartoon image of a duck with text that read, “US-Non-California Duck,” was accidentally attached as a PDF to emails sent to some of the employees who were laid off. Some of the emails mistakenly provided affected employees with an incorrect termination date, the spokesperson said.
McIntosh sent a follow-up email to staffers apologizing for the “notification error” and “any confusion it caused.”
“Corrected and full notifications have since been sent to all impacted Stripes,” he wrote.
In 2022, Stripe cut roughly 1,100 jobs, or 14% of its workers, downsizing alongside most of the tech industry, as soaring inflation and rising interest rates forced companies to focus on profits over growth. The Information reported that Stripe had a few dozen layoffs in its recruiting department in 2023.
Stripe’s valuation sank from a peak of $95 billion in 2021 to $50 billion in 2023, before reportedly rebounding to $70 billion last year as part of a secondary share sale. The company ranked third on last year’s CNBC Disruptor 50 list.
In October, Stripe agreed to pay $1.1 billion for crypto startup Bridge Network, whose technology is focused on making it easy for businesses to transact using digital currencies.
Brothers Patrick and John Collison, who founded Stripe in 2010, have intentionally steered clear of the public markets and have given no indication that an offering is on the near-term horizon. Total payment volume at the company surpassed $1 trillion in 2023.
WATCH: Early Bridge investor weighs in on $1.1 billion Stripe deal
Thinking about upgrading your EV? Rivian (RIVN) launched a new promo on Tuesday, offering up to $6,000 to upgrade your R1S or R1T. Here’s how you can snag some savings.
Rivian R1S and R1T upgrade deal offers up to $6,000
Rivian delivered over 51,500 vehicles last year as the EV maker gains momentum. Although it was only slightly higher than the ~50,100 delivered in 2023, Rivian is expected to see even more growth this year.
After shutting down its Normal, IL manufacturing plant last April and renegotiating supplier contracts, Rivian has seen “significant cost improvements,” according to CEO RJ Scaringe.
Rivian also began delivering its next-gen R1S and R1T models last year. The new Large and Max battery packs have redesigned modules and more efficient packaging, “making them easier to manufacture and service.” For example, Rivian’s new EVs use seven ECUs, down from 17 in the first-generation R1T and R1S.
With new plant upgrades, reworked supplier contracts, and more efficient vehicles, Rivian is now passing the savings on to customers.
Rivian introduced a new promo on Tuesday, offering up to $6,000 to upgrade your R1T or R1S. The bonus amount varies by trim:
- Tri with Max battery: $6,000 USD / CAD 8,600
- Dual with Max battery and Performance upgrade: $4,500 USD / CAD 6,500
- Dual with Max battery: $3,000 USD / CAD 4,300
The offer is for current R1T or R1S owners or lessees in the US and Canada. Rivian launched the new promo on January 21, and it runs through March 31, 2025.
After you purchase or lease a qualifying vehicle, Rivian will apply a discount toward the MSRP. You must take delivery by March 31, 2025. In the fine print, Rivian stated, “You must request a trade-in estimate to qualify for this offer, but trade-in of a vehicle is not required.”
Any other models are excluded from the offer. These include Dual Standard configurations, Dual with Large battery configurations, custom builds, demo vehicles, and pre-owned vehicles.
The new offer follows Rivian’s previous upgrade promo introduced last October, giving qualifying gas-powered vehicle owners or lessees up to $3,000.
Check out the Rivian R1 Shop to view eligible models. You can see eligible Rivian R1S here and R1T models here.
Electrek’s Take
Rivian’s R1S was already the tenth best-selling electric vehicle in the US last year, with nearly 27,000 models sold. With more driving range and power at a lower cost, the electric SUV could see even more demand in 2025.
Then again, with the arrival of new luxury electric SUVs, like the Jeep Wagoneer S and Volvo EX90, Rivian will face more competition in the US.
Rivian’s latest promo comes as the Company looks to carry the momentum from the end of 2024 into the new year. The EV maker is offering other deals, including 1.99% APR for 60 months on the R1 Dual with a Max Battery and Performance upgrade.
Even if you are not eligible for the promo, we can still help you find deals on Rivian’s electric SUV in your area. You can use our links below to view offers on the Rivian R1S and R1T near you today.
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